Operations

  • SME guarantee inked

    Sector developments and company hires

    The EIB Group has provided RLB Steiermark with a guarantee for a €60m mezzanine tranche of a synthetic securitisation. The transaction is backed by the Investment Plan for Europe and is expected to provide capital relief under the CRR.

    The capital relief will enhance RLB Steiermark's risk-taking capacity and create additional lending headroom, enabling it to create a new portfolio .......

    Market Moves 14 July 2022

  • Making hay

    New equilibrium for Australian securitisation market

    In contrast to Europe and the UK, the Australian securitisation market is continuing to see healthy issuance activity, despite the country dealing with the same inflation and rates pressures as the rest of the world. This Premium Content article investigates why it’s always sunny Down Under. 

    After an extraordinarily busy 2021 - with A$48.79bn publicly placed across 64 individual ......

    News Analysis 14 July 2022

    Premium Content

  • GSE NPL sales tallied

    Sector developments and company hires

    Fannie Mae and Freddie Mac sold 154,972 non-performing loans with a total unpaid principal balance (UPB) of US$28.7bn during the period from programme inception in 2014 through 31 December 2021, according to the FHFA. The loans had an average UPB of US$185,292, an average delinquency of 2.8 years and an average current mark-to-market LTV ratio of 86%.

    Specifically, Fannie Mae has .......

    Market Moves 13 July 2022

  • Expiration concerns

    Questions raised over the end of HAPS

    The Greek HAPS programme is set to expire in October, having helped to considerably reduce the non-performing exposures of the country’s systemic banks. However, there is concern that its expiration may be premature, given the possibility of future asset deterioration on bank balance sheets.

     “With the Russian invasion of Ukraine, high energy prices and possible energy bottlenecks, there is more .......

    News Analysis 13 July 2022

  • Aviva Investors appoints HSBC and Mount Street Group

    Sector developments and company hires

    HSBC and Mount Street have entered into a ten-year strategic agreement to service Aviva Investors’ £50bn Real Assets business. The firms’ appointment will see them assuming responsibility for all fund administration and debt servicing functions for Aviva Investors’ Real Assets strategies. HSBC and Mount Street were appointed following competitive process due to depth of offering, expertise across real assets credit .......

    Market Moves 11 July 2022

  • Arrow Global hires new leader for Finance Servicing Unit

    Sector developments and company hires

    Arrow Global has appointed Reza Atighi as new ceo to its Amersfoort-based Vesting Finance Servicing in the Netherlands. Atighi joins Vesting Finance from Intrum where he served most recently as ceo for the Netherlands and Belgium. Bringing more than 20 years of experience to the new role, the firm hopes Atighi will be able to boost the development of its .......

    Market Moves 7 July 2022

  • A&M move forward with new development

    Sector developments and company hires

    Alvarez & Marsal’s (A&M) inaugural efforts as sole arranger have secured a breakthrough for Polish bank, Getin Noble Bank (GNB).  A&M financial services served as sole arranger for GNB’s first synthetic securitisation for risk transfer. The transaction compiles a portfolio of housing community loans and marks the first of its kind for the historically well performing but never-before-securitised asset class. .......

    Market Moves 6 July 2022

  • Bluerock introduces new credit fund

    Sector developments and company hires

    Bluerock is set to launch a new CLO interval fund in partnership with WhiteStar, who will serve as sub-advisor, which offers to investors high income and portfolio diversification. Marking the firm’s second interval fund, the ‘Bluerock High Income Institutional Credit Fund’ will aim to provide investors with access to income-producing senior secured loans with a portfolio made up of actively .......

    Market Moves 1 July 2022

  • Pre-summer comeback?

    European ABS/MBS market update

    With one deal pricing, the UK and European ABS/MBS markets reopened this week. As the summer break is fast approaching, issuers will have a short window to come to market.

    This week, Premium Credit brought a fifth issue from their PCL master trust. The PCL Funding 2022-1 transaction - which priced yesterday - saw decent demand across the capital stack, .......

    News 1 July 2022

  • Better methods?

    New definitions for green, social securitisations

    ICMA has released new definitions for green and social securitisations, together with additional resources for climate transition finance under its update of the Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guidelines (SBG) and Sustainability-Linked Bond Principles (SLBP). In a Q&A document published in conjunction with the updates, the association further clarifies that synthetic securitisations require additional .......

    News 29 June 2022

  • Suit filed over alleged CMBS fraud

    Sector developments and company hires

    Suit filed over alleged CMBS fraud
    Kasowitz Benson Torres, as counsel to investment vehicles associated with Carl Icahn, has filed a complaint in Nevada state court against Rialto Capital Advisors for breach of contract and fraud. The case is in connection with Rialto’s servicing of a CMBS trust (COMM 2012-CR4) secured by the Prizm Outlets mall in Primm, Nevada, which .......

    Market Moves 27 June 2022

  • Cost of living concerns

    Inflation pressures to push up UK RMBS arrears

    The cost of living is increasing at a rate not seen for decades, as consumer price inflation is on the rise and monetary policy tightens in response. Due to elevated levels of inflation, arrears in UK RMBS transactions are expected to increase over the coming 12 months.

    “Most people expect some level of deterioration on asset performance towards .......

    News Analysis 27 June 2022

  • PineBridge sub-advised CLO ETF unveiled

    Sector developments and company hires

    VanEck has launched an actively managed CLO ETF, dubbed CLOI, which is sub-advised by PineBridge Investments. The fund aims to invest at least 80% of its total assets in investment grade-rated debt tranches CLOs of any maturity.

    The fund intends to invest primarily in CLO securities that are US dollar denominated, although it has the ability to invest up to .......

    Market Moves 23 June 2022

  • Changing the paradigm

    John Pellew, principal, distribution and securitisation at A...

    In isolation and in the absence of mitigating factors, non-performing loan and distressed assets are inherently high-risk investments, but that’s not the whole story.

    While it’s true that we are dealing with defaulted loans and distressed assets, these assets are not sold in isolation or single units, and they are not sold because they have no value. They .......

    Talking Point 23 June 2022

  • USS launches maiden ABS mandate

    Sector developments and company hires

    Universities Superannuation Scheme (USS), the UK’s largest private pension scheme by way of assets, has launched its first mandate investing in ABS. Likely to exceed £1bn over the next couple of years, USS’s first ABS mandate will focus on investment grade publicly-listed securities.

    The move comes a year after USS Investment Management (USSIM), the wholly owned investment management .......

    Market Moves 22 June 2022

  • European CLO structures: Are the foundations changing?

    James Smallwood, senior associate at Allen & Overy, examines whether the foundations are changing for European CLO structures

    What's in a name? Or, more appropriately for CLOs, what's in a number? And while there are many important numbers and figures in a CLO transaction (obviously), here and in particular, I'm referring to some pretty low digits – one, two and .......

    Talking Point 16 June 2022

  • Industry CLO e-trading platform unveiled

    Sector developments and company hires

    Citi and Bank of America, joined by Credit Suisse, Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo and Moody’s Analytics, have launched Octaura Holdings. The objective of the company is to create the first open-market electronic trading platform for syndicated loans and CLOs.

    Built in collaboration with software development platform Genesis Global, Octaura aims to provide comprehensive trading solutions with natively .......

    Market Moves 14 June 2022

  • Aon hires new strategic growth leader

    Sector developments and company hires

    Aon has named Joanna Parsons as strategic growth leader of UK capital advisory within the firm’s reinsurance solutions business, reporting to Ben Love, UK strategic growth leader for reinsurance solutions. In her new role, Parsons will help clients to understand the value of different growth, capital and reinsurance strategies, including in the securitisation space. Based in London, Parsons joins Aon from .......

    Market Moves 10 June 2022

  • Doing the right things

    Mark Davies, md, BCMGlobal Mortgage Services, answers SCI's questions

    Q: How and when did BCMGlobal become involved in the securitisation market?
    A: BCMGlobal services £3.2bn of securitised loans, totalling 23,000 borrowers, across circa 25 portfolios and 10 securitisation programmes. We act as a standby servicer for £7.1bn of securitised loans for 17 clients across 47 transactions. Our loan portfolios are domiciled and secured in the UK and Ireland.

    Provider Profile 9 June 2022

  • Migrating transactions

    'Seamless' switch for CLO domiciles

    The switch from the Cayman Islands to alternative domiciles, following the European Commission’s listing of the jurisdiction on the EU AML list, appears to have been painless for most CLOs. This Premium Content article investigates.

    The European Commission’s blacklisting of the Cayman Islands earlier this year has triggered the migration of many CLOs to alternative domiciles. Overall, the switch ......

    News Analysis 9 June 2022

    Premium Content

  • Opportunity knocks

    Debut RPL ABS could be first of many

    The first publicly rated European unsecured reperforming loan ABS hit the market in April. With Covid-induced moratoriums limiting the supply of non-performing loans, further such transactions could emerge, as debt purchasers with excess liquidity seek to deploy capital.

    Dubbed Wolf Receivables Financing, the transaction represents Lowell Financial’s debut public securitisation and is also the first UK RPL ABS .......

    News Analysis 8 June 2022
×